Coupon King

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The King will have to lick a lot of postage stamps to pull this one off.

Burger King plans to send out coupon booklets to more than 80 million households this August and September offering $1 double cheeseburgers.

The direct mail plan arose after franchisees reportedly vetoed a proposal to offer the burger on the menu at that price.

The news of the offer came after the Wall Street Journal reported Tuesday that the company dropped a plan to sell its double cheeseburger for $1 in the U.S. after franchisees voted against it. The price was reportedly meant to be for a limited time to lure customers hungry for a cheap meal.

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The burger usually costs around $2 in most areas, but the company reportedly wants to undercut McDonalds, which offers its double cheeseburger for $1.29, or less with fewer cheese slices.

Fast-food chains that offer substantial discount menus have enjoyed strong results during the recession as customers seek them out to save money.

Burger King said the coupons will include almost $50 in savings per coupon booklet. The booklet will include the double cheeseburger coupon. Consumers will have 60 days to redeem the coupons.

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In a statement, the company said it "remains fully focused on its value offerings and delivering value for the money to its guests," adding that "many product and menu options are always in development and under consideration."

The statement did not specifically reference the report, but the company did say the double cheeseburger is already being sold for $1 in some local markets.

Burger King also said it will promote its Whopper Jr. burger, priced at $1 nationally, during August and September.